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Clubbing of income

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 February 2015 If a person having two minor child and each minor is getting a gift exceeding rs. 48000 from non relatives. What will be the Tax Implication of these?

As the income of minors is get clubbed in the income of parents how much amount will be exempted? Then Parents get a exemption of rs. 50000/- per minor child or Only he will will get exemption of Rs. 50000/- Ceiling limit??????
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Amol S Joglekar

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Amol S Joglekar (Expert)
12 February 2015 the limit is per minor child.
Clubbing will be done for both.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
12 February 2015 50,000 is exempted per child so full amount is exempted in this case
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